Question about home prices in Cape Coral (short sales, real estate)

[Dino1]

Let me ask the obvious question: why are prices so much lower there than other parts of the state? From the little I've researched, it seems like a very nice place and a good investment. Opinions welcome, especially from residents of Cape Coral.

[rikoshaprl]

1. Supply and demand. There are many foreclosures and short sales on the market creating an oversupply. Many of these are newer homes making the older homes even cheaper. Eventually the inventory will shrink and there will be a more normal market.
2. The economy is bad, jobs are scarce.
3. Fear mongerers drive down prices. Just read some of the posts!

What I see as a plus is that the infrastructure is in place for growth when the economy improves.

[121804]

Originally Posted by rikoshaprl

1. Supply and demand. There are many foreclosures and short sales on the market creating an oversupply. Many of these are newer homes making the older homes even cheaper. Eventually the inventory will shrink and there will be a more normal market.
2. The economy is bad, jobs are scarce.
3. Fear mongerers drive down prices. Just read some of the posts!

What I see as a plus is that the infrastructure is in place for growth when the economy improves.

I agree heavily w/ you on the 1st two. As for #3, if a poster or someone reading posts on CD forum take it all LITERALLY & word for word, then their money is probably better spent getting good psych help than buying a home.

CC improving; SWFL in general improving; would help more than just that area of the state. It starts to send out improvement signals.

THe word "eventually" has been being said for 4 years. How about "No one knows" but if you are in a good position to take on a home in any area that is showing extreme signs of foreclosure distress (forbes rated FL at #4 this week) & have the financial means in place...by all means, go for it!!!!! Just don't sit around & pout when you fall on your arse if you don't or at this time in your life don't have the $$. Life goes on....

[freddyCF]

Originally Posted by rikoshaprl

1. Supply and demand. There are many foreclosures and short sales on the market creating an oversupply. Many of these are newer homes making the older homes even cheaper. Eventually the inventory will shrink and there will be a more normal market.
2. The economy is bad, jobs are scarce.
3. Fear mongerers drive down prices. Just read some of the posts!

What I see as a plus is that the infrastructure is in place for growth when the economy improves.

Didn't over building in the mid 2000's cause all this, along with the high unemployment rate? People lost their jobs, couldn't pay their mortgages and housing values went down leaving people upside down?

[121804]

Originally Posted by freddyCF

Didn't over building in the mid 2000's cause all this, along with the high unemployment rate? People lost their jobs, couldn't pay their mortgages and housing values went down leaving people upside down?

The economy boomed due to construction and the supportive roles. Of course the area is going to become satuarated, it's envitable, but greed and stupidity were stronger than common sense.

CC & the suurounding area has never been a hot spot of professional growth, ever. It's been a small town area w/ little professional boom. Many parts of the country are that way.

When the construction inevitably ended, so did hundreds of jobs which in turn effected families & how they paid their bills. Some were upside down, some got plain screwed. Just not pretty to watch as we did a few years ago.

If a person was/is in healtcare or a retiree, really no worries.

If a construction worker making $65k/yr bought a $200-$300k home w/ 0% down...sorry, it's hard to understand the logic in that decision nor feel much sympathy.

But there are some real stories in SWFL & we know some. Good, hardworking people who didn't live outside their means. Of course there are those who deny this is possible as they just play that way, but some people got hit hard & are doing what it takes to get back on their feet. Others were just dumb.

[KasperFile]

I have friends “couple” who moved to CC to become realtors in 06. They did fantastic the first year then the crash came to light she’s now waiting tables at Denney’s and he’s digging ditches for a fence company maybe pulling in 40k a year between them both.. Cc was made of 90% retired residence prior to the real-estate boom then came the prospectors and once the boom went bust it also left all the real estate industry prospectors out of work. Cc is quickly becoming a DUMP, Retirees are running away, the state is broke and the jobless rate is something like 24% . I was just there and you would be hard pressed to find a home were there’s not a 3 to4 a banded homes in the same street in fact I was able to rent a VERY , VERY NICE fully furnished 4bd pool home on a the largest lake complete with motor boat for a all inclusive sum of $50 a night..

[rikoshaprl]

If Cape Coral is such a dump why would you want to rent there?

[KasperFile]

we only rented for a 2 day weekend to attend a weeding of friends son.

[scott26]

Originally Posted by KasperFile

Cc was made of 90% retired residence prior to the real-estate boom then came the prospectors and once the boom went bust it also left all the real estate industry prospectors out of work. Cc is quickly becoming a DUMP, Retirees are running away, the state is broke and the jobless rate is something like 24% . I was just there and you would be hard pressed to find a home were there’s not a 3 to4 a banded homes in the same street in fact I was able to rent a VERY , VERY NICE fully furnished 4bd pool home on a the largest lake complete with motor boat for a all inclusive sum of $50 a night..

I am a life long resident of Cape Coral. Your post is extremely flawed. Cape Coral has a lot of rertirees but is has never been even close to 90%. The jobless rate is high but again not even close to 24%. I live in NW Cape and in a 10 block radius of my house there are three that are empty out of 55-60 homes. (I walk the neighborhood 3x a week). As far as it quickly becoming a dump there has been no drastic change in the look of the city. It has never been an overly beautiful place but a dump is very false also.

[JBMallory]

Retirees are far from fleeing. My wifes grandparents moved to the cape last year, they're retired. In fact, their whole neighborhood seems to be retirees.